Legal Question in Credit and Debt Law in Illinois

I have a deficeincy balance of 8200.00 because of a car loan that I had about three years ago. They have served me and I have a court date set for a week from this Monday. They seemd to have followed the proper procedures leading up to this point. What should I do? I net about 27,000 a year and I am the sole income earner in our home (2 adults, 1 child). I do not have much money and no assets apart from a paid off 1999 Ford taurus with 166000 miles on it. I am fine with setting up payments in order to begin to pay this debt off. I want to do the right thing. The reason I have never set up payments before is because their correspondance has requested payment in full.


Asked on 11/16/11, 7:43 pm

1 Answer from Attorneys
Jonathan Shimberg Shimberg and Crohn, P.C.

They are entitled to 15% of your gross, once a judgment is entered. They may be willing to negotiate an installment order before the final judgment is entered. Try to get them to agree to less than 15% - they may do so. If you have more than $5000 in the bank, they will be able to eventually take those funds.

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Answered on 11/17/11, 4:16 am


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